CONSUMER BEHAVIOUR IN PURCHASING LUXURY GOODS DURING ECONOMIC CRISES

Alexandra Giuliana Andronic
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Alexandra Giuliana Andronic: Alexandru Ioan Cuza University of Iasi, Romania

SEA - Practical Application of Science, 2021, issue 25, 9-14

Abstract: With the luxury goods market constantly growing, understanding the consumer’s behaviour and the factors influencing the purchasing decision-making process is crucial. By understanding the consumer’s behaviour among buyers of luxury goods in times of crisis, this paper can propose a series of measures that could improve the marketing mix and marketing strategies for the companies involved in the luxury goods market, from large manufacturers to retailers. The negative effects of the economic recession caused by the Covid19 pandemic led to the necessity to recognize the changes in the consumer behaviour that may have a lasting impact, and they definitely will. Economic crisis has a significant impact on consumption practices and the way consumers justify their consumption patterns.

Keywords: Crises; Luxury goods; Consumption; Sales; Marketing behaviour (search for similar items in EconPapers)
JEL-codes: M30 M31 M39 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cmj:seapas:y:2021:i:25:p:9-14

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